EBK MICROECONOMICS
21st Edition
ISBN: 8220103960151
Author: McConnell
Publisher: YUZU
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Question
Chapter 1.2, Problem 1QQ
To determine
Relevance of
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Students have asked these similar questions
Every point on the production possibilities curve represents?
a. a greater increase in supply
b. an efficient use of rescources
c. an inefficient use of resources
d. a greater increase in demand
Movement along a production possibilities curve shows which of the following?
a. The trade-offs society faces
b. The total amount of available resources
c. The combination of inputs required for a given output
d. The relationship between the price of an input and the quantity demanded
e. The decrease in efficiency
Explain the following concept
1.scarcity
2.choice
3.opportunity cost
4.resource
Chapter 1 Solutions
EBK MICROECONOMICS
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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- could someone draw a graph on paper please? a. Using one of the graphing tools described in the directions, plot the Production Possibilities Curve for Teavana. b. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 47 Jade Citrus Mint Tea and 35 Spiced Apple Cider. Label this point F. What term best describes this point? c. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 16 Jade Citrus Mint Tea and 20 Spiced Apple Cider. Label this point G. What term best describes this point?arrow_forwardFIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best describes Point A? It is efficient. It is preferable to Point D. It is inefficient. It is unattainable. Cloihingarrow_forwardFigure - Production-Possibilities Curve Office Buildings .C D Housing It is not possible for society to produce this combination of office buildings and housing with current resources and technology. Which of the following points in the figure could represent this combination? Multiple Choice A B B .Aarrow_forward
- A linear production possibilities curve indicates which of the following? a. Constant opportunity costs b. Decreasing opportunity costs c. Increasing opportunity costs d. Diminishing marginal returns e. Labor-intensive productionarrow_forwardProduction Possibilities Curve Food 100 B 75 50 100 E F 150 200 Clothes Explain the above production possibility model. Be sure to include, opportunity cost, factors of production, efficiency, and what happens at each point on the model.arrow_forwardComplete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.arrow_forward
- Explain the following concepts 1.scarcity 2.choice 3.opportunity cost 4.resourcesarrow_forwardIf an economy is operating at a point inside the production possibilities curve?a.its resources are not being used efficiently. b.This is a trick question because an economy cannot produce at a point inside the curve. c.the curve will begin to shift inward. d.the curve will begin to shift outward.arrow_forwardple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…arrow_forward
- Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency.arrow_forwardSuppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is А. 36 C. 6. D. B.arrow_forwardWhich of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal Productarrow_forward
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